There is no good time to buy term insurance. The best time is Right Now. Term insurance can be availed anytime in life; however, the best time to buy a term insurance plan is when you are young and healthy.
When you buy term insurance early in life; your premiums are low. The features and benefits remain the same. The reason is as you grow older; chances of suffering an ailment rise. A youngster of 27 years is more likely to stay healthy vis-a-vis a 55 year old.
A life insurance plan is important at each stage in life. The premium amount goes up as you grow older and responsibilities rise. You could land up with a home or car loan and other liabilities. Hence; it is all the more important to stay adequately insured. To avail term insurance that fits your budget and offers adequate coverage, you must avail a term plan early in life.
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See Also: Benefits of Buying Term Insurance Online
Rakesh works as a software engineer in an IT Firm. He is married and has a child of 4 years. His wife is a homemaker and his kid studies in a prestigious school at Bengaluru.
Rakesh earns Rs 70,000 a month and had availed a term insurance plan of Rs 1 Crore; to cover financial liabilities and safeguard his family financially on an untimely demise. He wanted to leave a legacy to his family.
He availed an online term insurance plan at the age of 27 years; just after he got married. This was a term insurance plan with regular income option which offered a lump sum (which is half of the sum assured) on death of the policyholder within the term; along with offering regular income option that would be paid in monthly installments over a period.
He opted for this payout as his family was not adept in handling finances. As this was an online term insurance plan, he only had to pay a yearly premium of Rs 8,000 to avail adequate coverage and secure family’s financial future.
Sadly, Rakesh died at the age of just 32 in a major road accident. In this state of emotional grief, his family was unable to figure out how to take care of the family finances. Managing daily expenses, education and marriage of their son and paying back loans; fell to his wife.
Fortunately, there was a term life plan to back her up in these difficult times. She received a lump sum of Rs 50 Lakh which helped take care of all the immediate needs and her son continued to enjoy quality education. All loans were paid off. His family was able to manage daily expenses from the monthly payouts.
See Also: Best Age to Buy a Term Insurance Plan
With a term life plan, Rakesh’s wife has managed to live an independent life. The planning of Rakesh and the adequate coverage he opted for in the term plan; helped his family sail through the tough times.
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